Under Armour Inc. joined Nike Inc., AdidasAG and dozens of other companies in signing a letter to President Donald Trump urging his administration to not raise tariffs on footwear imported from China.
Trump earlier this month proposed implementing 25 percent tariffs on $300 billion worth of imported goods from China, including clothing and footwear. The proposal comes as tension between the U.S. and China has risen after negotiations on a possible trade agreement fell apart. Footwear companies, including Baltimore-based Under Armour, say the proposed tariff increase "would be catastrophic for our consumers, our companies, and the American economy as a whole." The Footwear Distributors and Retailers of America, an industry trade association, estimates the increased tariffs on footwear would translate into $7 billion in annual additional costs for customers.
